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Fewer people put their homes on the market in July

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According to the Royal Institution of Chartered Surveyors (RICS) While there was a slight improvement in the number of surveyors seeing prices fall, new instructions, which saw a slight upturn during the early part of the summer, could not keep up the momentum and fell back in July.

“With prices continuing to slip, it appears that many potential vendors are unwilling to accept reduced selling prices, so are reluctant to enter the market,” RICS said.

However, demand edged up during July, with new buyer enquiries increasing slightly on the month before.

Across the country, London continued to buck the national trend as the only region to report a positive net balance for house prices, with 30% more surveyors reporting rises rather than falls.

The capital also recorded the strongest level of interest from new buyers, again outperforming the rest of the UK.

The West Midlands and the East of England saw the most negative readings, with net balances of -44 and -40 respectively.

The average number of sales per surveyor over the past three months dipped to 14.2, the lowest level since June 2009.

The survey found that pessimism still surrounds future house price expectations with 13% more surveyors predicting prices will decrease rather than increase over the next three months.

However, sales expectations are rather more upbeat, with a net balance of 15% more respondents predicting sales to rise over the coming three months.

RICS spokesman, Ian Perry, said the holiday season had had some impact on the market, but ongoing problems with the accessibility of mortgage finance was still preventing first time buyers from getting on the ladder.

“Unsurprisingly, with prices continuing to fall, many would-be sellers seem unwilling to lower their expectations and are reluctant to place their property on the market,” he said.

Independent housing expert, Henry Pryor, said it was difficult to see how the landscape would change over the short term.

“Continued nervousness in the financial markets will continue to undermine any confidence that seeps into the market,” he said.

Source: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4422781

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